The Dow’s in the Dumps: Wednesday’s IP Market Recap

by Marc Bastow | June 12, 2013 4:45 pm

Forget about that morning hubbub.

[1]Big early gains for the Dow Jones Industrial Average and the rest of the major U.S. indices completely petered out by day’s end. Continued concern about the Federal Reserve’s direction on interest rates, as well as overseas market difficulty, sent stocks broadly into the red and gave the Dow its first three-day losing streak of 2013.

The Dow — which has suffered daily swings of 100 points in seven of June’s eight trading sessions — dropped 126 points, or 0.84%, and broke the 15,000 threshold by fishing at 14995.23. The Nasdaq led the way down, closing off 1.06% at 3100.43, and the S&P 500 fell 0.84% to close at 1612.52, with all 10 of its sectors in the red.

One of the few bright spots for the Dow was Hewlett-Packard (HPQ[2]), whose shares climbed more than 2% after CEO Meg Whitman said on CNBC that the company might be able to grow revenues this fiscal year.